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WEDNESDAY, APRIL 12, 1989
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SEE LITTLE JUSTIFICATION IN HAVING SUCH AN ELABORATE ORGANISATION. ESPECIALLY SINCE THE TWO EXCHANGES THEMSELVES HAVE RECENTLY BEEN COMPLETELY OVERHAULED,' HE SAID.
NOTING THAT THE TOP FIVE EXECUTIVE DIRECTORS WERE ALL EXPATRIATES RECRUITED FROM ABROAD, SOME WITH NO PRIOR EXPERIENCE IN HONG KONG. MR CHENG SAID HE WAS SURPRISED TO LEARN THAT NONE OF THESE POSITIONS WAS FILLED WITH LOCAL EXECUTIVES ALTHOUGH HONG KONG WAS SUPPOSEDLY ONE OF THE LEADING INTERNATIONAL FINANCIAL CENTRES WITH QUALIFIED LOCAL EXECUTIVES IN BOTH THE PRIVATE FINANCIAL AND PUBLIC SECTORS.
HE ALSO URGED THE ADMINISTRATION ΤΟ CLOSELY MONITOR THE ORGANISATIONAL BUILD-UF OF THE COMMISSION AND STRIVE TOWARDS ASSEMBLING A MORE BALANCED MANAGEMENT TEAM AS SOON AS POSSIBLE.
LEGOO AD HOC GROUP CONVENORS PRAISED
THE HON STEPHEN CHEONG AND THE HON RONALD ARCULLI HAVE WON PRAISES FROM FELLOW LEGISLATIVE COUNCILLORS FOR THEIR WORK AS CONVENOR AND DEPUTY CONVENOR OF THE LERO AD HOC GROUP TO STUDY THE SECURITIES AND FUTURES COMMISSION BILL 1989.
SPEAKING AT THE RESUMED DEBATE ON THE BILL IN THE LEGISLATIVE COUNCIL TODAY (WEDNESDAY), THE HON JIMMY MCGREGOR. SAID THAT THE BILL, ONE OF THE MOST COMPLICATED AND IMPORTANT SETS OF LEGISLATION EVER TO BE CONSIDERED BY LEGCO. COULD NOT HAVE BEEN TAKEN FORWARD AS EFFECTIVELY AS IT WAS NOW WITHOUT THE 'EXELLENT LEADERSHIP, DEDICATION AND TOTAL COMMITMENT' OF MR CHEONG AND MR ARCULLI.
MR MCGREGOR WENT ON TO THANK THE ORGANISATIONS WHICH SUBMITTED THEIR VIEWS TO THE COUNCIL AND WHOSE REPRESENTATIVES TOOK PART IN MANY HOURS OF DETAILED DISCUSSION.
HE ALSO THANKED GOVERNMENT OFFICIALS, SECRETARY FOR MONETARY AFFAIRS, MR DAVID NENDICK, TO MODIFY THE LEGISLATION WHICH HE BELIEVED WOULD STATUS AS ONE OF THE LEADING FINANCIAL CENTRES IN
EFFECTIVELY
LED
BY
FOR HELPING MEMBERS ENHANCE HONG KONG'S THE WORLD.
HOWEVER, MR MCGREGOR NOTED THAT WE MUST NOT FORGET THE TRAUMA AND SCANDAL THAT BROUGHT ABOUT THE NEED FOR THIS IMPORTANT LEGISLATION WITH ITS NEW AND GREATLY IMPROVED SYSTEM OF SUPERVISION OF OUR FINANCIAL MARKETS.
"THE INSTRUMENT AND SYSTEM IS NOW BEING PROVIDED. IT UP TO THE COMMISSION AND THE EXCHANGES TO MAKE SURE THAT IT EFFECTIVELY IN THE LONG TERM INTEREST OF HONG KONG,' HE SAID.
H
WILL BE IS USED